I do believe the question is pretty selfish planetary and needs no further comets!
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In your specific example, at least coming from American English, I would pronounce the read like reed. To me, the parenthetical "read" is acting as a command: it is telling you to read a word a certain way (that is, to get a specific definition).
If you were telling somebody how to spell your name, you would say
So by analogy, it's a past participle, which would be pronounced "red".